Cranes Rental Market Soaring

  • The key factor for growing demand is increasing investments, government initiatives, and favorable policies.
  • Mobile cranes accounted for the largest share in the cranes rental market by type.
  • The Asia Pacific region accounted for the largest share regionally.

The cranes rental market is estimated to be $42.1 billion in 2019 and is projected to reach $53.1 billion by 2024, growing at a CAGR of 4.7% from 2019 to 2024. Increasing demand for rental cranes from various end-use industries, coupled with growing investments from domestic & foreign investors in the country’s economy is expected to drive the growth of cranes rental market during the forecast period.

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Major companies operating in the cranes rental market include Sarens NV (Belgium), Mammoet (Netherlands), ALL Erection & Crane Rental Corp. (US), Lampson International LLC (US), Action Construction Equipment Ltd. (India), Maxim Crane Works, L.P. (US), ALE (US), Sanghvi Movers Limited (India), and Deep South Crane and Rigging (US) hold a potential share in cranes rental market.

Increasing demand for rental cranes from various end-use industries, coupled with growing investments from domestic & foreign investors in the country’s economy is expected to drive the growth of cranes rental market.

Mammoet (Netherlands) is one of the leading players in cranes rental market which has adopted organic & inorganic strategies to sustain in their market position.

  • In May 2019, Mammoet acquired MEYER Anlagenbau GmbH & Co. KG (MEYER). MEYER is heavy lifting and installation expert in south-west Germany. By this acquisition, Mammoet was able to expand its value proposition with heavy installation expertise and extended its foothold in south-western Germany.
  • In March 2019,  Mammoet opened a new facility for crane rentals in the north of Leipzig, Germany. This expansion is intended to serve crane and transport operations in Leipzig and the surrounding area, and in particular at Leipzig/Halle Airport.
  • Sarens NV (Belgium) is another major company in the cranes rental market. It has been adopting organic and inorganic strategies to sustain its position in cranes rental market.
  • In November 2018, Sarens NV launched the largest crane SGC-250 (Sarens Giant Crane – 250) in the world in terms of size and capacity. It is the first 3rd generation of ring-based crane with maximum load moment of 250.000Tm which allows lifting an astonishing 5.000T. Even at a large radius of 100m, the crane is still capable of lifting 2.000T. With this product launched, the company captured the extremely heavy lifting segment of the market.In June 2015, Sarens NV and Sinotrans Heavy-lift Logistics Co., Ltd entered into a joint-venture agreement and created a new company Sinotrans Sarens Logistics Co., Ltd which is registered in Shanghai. This joint-venture helped Sarens NV in providing Chinese customers with the most efficient and optimal solutions for their heavy lifting and engineered transportation needs through Sinotrans.
Cranes are preferred to be rented rather than purchasing due to its cost advantage which comes with CPA (Contract Plant-Hire Agreement), stating all the liabilities including insurance, maintenance, and break-down will be held with the renting company.

Key Revenue Pockets

Cranes are preferred to be rented rather than purchasing due to its cost advantage which comes with CPA (Contract Plant-Hire Agreement), stating all the liabilities including insurance, maintenance, and break-down will be held with the renting company. The key factor for growing demand is increasing investments, government initiatives, and favorable policies.

Based on type, the cranes rental market is segregated into mobile cranes and fixed cranes. Mobile cranes include all-terrain cranes, crawler crane, truck mounted crane, straddle crane, towing crane and others. Fixed cranes include tower crane, level luffing crane, telescopic crane, fixed harbor crane, and others. Among these, mobile cranes accounted for the largest share in the cranes rental market due to its wide acceptance in various end-use industries such as building & construction, transportation, and others.

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Based on weight lifting capacity, the cranes rental market is segregated into low (0-100 Tons), low- medium (101-300 Tons), heavy (301-700 Tons) and extreme heavy (700+ Tons). Among these, low weight lifting capacity segment accounted for the largest share due to an increase in miscellaneous activities for construction, repairs, and maintenance around the globe, which is expected to drive the growth of cranes rental market.

Based on end-use industry, the cranes rental market is segregated into building & construction, marine & offshore, mining & excavation, oil & gas, transportation, and others. Building & construction, which consists of commercial & residential buildings and infrastructure (bridges, tunnels), is the major consumer in the cranes rental market and is projected to increase in the near future. This growth is attributed to increasing infrastructure activities in various parts of the world, such as China, India, Ghana, and other countries. Moreover, increasing investment in public and private sectors from domestic and foreign investors around the globe is expected to drive the growth of cranes rental market during the forecast period.

The cranes rental market is segregated into five regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South Africa. Among these, Asia Pacific accounted for the largest share and is expected to continue the trend in the near future due to increase in building & construction activities in the region, coupled with supporting investments from domestic and foreign investors. Also, Asia Pacific is to register the highest CAGR during the forecast period.

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Kailas Suryawanshi

Future of Manufacturing Industry & Market Industry Leaders & New Revenue Pockets


http://chemicals-market-research.blogspot.in/

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